FirstFed Financial Corp. in Santa Monica, Calif., said Wednesday that it had lost $69.8 million in the first quarter after taking a $150.3 million provision for losses on its option adjustable-rate mortgages.
Processing Content
The $7 billion-asset company warned investors last week that delinquencies had been rising as property values in Southern California have fallen and rates on the option ARM loans adjusted.
In the first quarter of 2007, FirstFed's provision for loan losses was $3.8 million, and its net income was $32.4 million.
